The USDCHF is extending higher and in the process is stretching toward MA targets. The 200 hour moving average comes in at 0.9083. The 200 bar moving average on the 4-hour chart comes in at 0.9089. Also in play is the 38.2% retracement of the May trading range also at 0.9089.
A swing area and the 100 bar MA on the 4-hour chart add to the upside targets and buyers push up to the falling MAs. On the downside, it would now take a move below the 100 hour MA at 0.90739 (and staying below) to disappoint the buyers looking for more upside momentum.
This article was written by Greg Michalowski at www.forexlive.com. Source